joining us is the chief economist at diawa capital markets. thanks for joining us. at what sort of pace do you think this leadership might be able to implement their reforms, their switch to domestic demand? will they go at the same pace as the previous administration? >> i would say the pace would be faster. i would say most people are surprised by how fast the new leaders actually took actions. you know, mr. shi and the shenzhen a few weeks ago and he made et very clear that he's going to take the path since 1978. so basically, the new leader is ready for reforms, for changing the growth pattern for china's economy. so i think it's going to be very fast. but on the other hand, the new leaders mentioned about the challenges, the difficulties of these reforms. i think everybody understands what it means. so i think the launch of these reforms, off this economic growth model will be prequick. but in terms of the completion, i think it's going to be quite prolonged, i think. >> yeah. and how much difficulty are they going to have as they change policy dealing with the